Clarion Technologies Inc. Announces $53 Million Credit Facility.Business Editors and High-Tech Writers HOLLAND, Mich.--(BUSINESS WIRE)--March 6, 2000 Clarion Technologies Inc. (Nasdaq:CLAR CLAR Clarify CLAR Channel Local Address Register CLAR Conker Live and Reloaded (gaming) CLAR Computer Assisted Legal Research CLAR Crude Liquid Argon CLAR Communications Loading Analysis Report CLAR Custom Location Alternate Routing ) Monday announced that it has obtained a three-year $53 million senior secured credit facility. The facility, consisting of term loans and a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. , has been provided by LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. and Bank One as co-agents for the transaction. Proceeds from the new credit facility have been used to fund the cash component of the recently announced acquisition of Drake Products Corp., a $50 million injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. operation with locations in Greenville, Mich., and Anderson, S.C. In addition, the facility was used to consolidate Clarion's existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities into one common structure and provide for general corporate purposes, including working capital funding. David Selvius, chief financial officer of Clarion said, "The combination of LaSalle and Bank One make a great team to serve Clarion's needs. LaSalle has been the primary lender for Clarion and Bank One has been the primary lender for Drake Products. Both banks know our organizations well and we are excited to continue to build upon our relationships. In addition, this facility provides a base we can build on to fund additional acquisitions and other growth opportunities." Clarion recently announced that it received approval from the Nasdaq-Amex Market Group for listing of its Common Stock on the Nasdaq Small Cap Market and commenced trading on the Nasdaq Small Cap Market under the symbol "CLAR" effective March 2, 2000. Clarion Technologies is a full-service supplier of injection molded plastic products to the heavy truck, automotive, furniture and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and industries. As a full-service supplier Clarion provides capabilities ranging from product ideation ideation /ide·a·tion/ (i?de-a´shun) the formation of ideas or images.idea´tional i·de·a·tion n. The formation of ideas or mental images. , engineering and tooling to the manufacturing and assembly of the final product. For further information contact James Hostetler, vice president -- Corporate Development & Investor Relations Investor relations The process by which the corporation communicates with its investors. of Clarion, at 847/490-6063 or obtain information, including an electronic version of the company's brochure, on the Web at www.clariontechnologies.com. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements, including those detailed in the company's filings with the Securities and Exchange Commission. |
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